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Main reasons to commence your Kilburn lease extension

Why you should start your Kilburn lease extension today:

Increase your lease and increase your Kilburn property value

For those whose Kilburn home is held on a long lease, the message is clear – if nothing is done, your property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to extend the lease.

Kilburn property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to loan monies with a short lease

Nearly all banks and building societies require a lengthy amount of time left on a leasehold property before they will consider lending on it. Regardless of whether you need a mortgage, you should be conscious that it is probable that someone wanting to purchase your property in the future might well do, so where they are not able to secure a mortgage, then the financial worth of your property could suffer. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to accept

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Leeds Building Society 85 years remaining from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Kilburn lease extensions?

Irrespective of whether you are a tenant or a landlord in Kilburn,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Kilburn valuers.

Kilburn Lease Extension Example Cases:

Rosie, Kilburn, North London,

In the wake of 9 months of protracted correspondence with the landlord of her garden apartment in Kilburn, Rosie commenced the lease extension process just as the lease was approaching the crucial eighty-year mark. The legal work was finalised in August 2010. The landlord’s charges were kept to an absolute minimum.

Kilburn case:

Dr R Hernández took over the lease of a recently refurbished apartment in Kilburn in March 2007. We are asked if we could approximate the premium would be for a 90 year lease extension. Comparative premises in Kilburn with 100 year plus lease were in the region of £290,000. The average ground rent payable was £45 invoiced annually. The lease expired on 21 March 2099. Having 73 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.

Decision in Brent

An example of a Freehold Enfranchisement decision for a Kilburn premises is 4 & 4A Charteris Road in June 2009. the Tribunal held that the price to be paid for the enfranchisement of 4/4a Charteris Road to be £15,510 for at 4and £15,694 for at 4a This case was in relation to 2 flats. The unexpired term was 70.02 years.